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CITY QUESTION 1 (City of Lino Lakes)
ISSUANCE OF BONDS FOR STREET IMPROVEMENT AND RECONSTRUCTION AND LEVYING OF TAXES
Should the City of Lino Lakes be authorized to issue and sell its general obligation bonds in an aggregate amount not to exceed $3,615,000 to provide funds for the improvement and reconstruction of the streets shown in the capital improvement program for 2004 and 2005, and to pay 89% of the debt service on such bonds with a property tax levy on all taxable property in the city?
The amount of taxes that would be raised in the first year of the property tax levy to pay the principal and interest on the bonds is estimated to be approximately $353,900 The maximum amount of increased levy is estimated to be approximately .03102% of the taxable market value of property in the city. The portion of debt service on the bonds not paid with a tax levy will be paid with special assessments levied against benefited properties
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